Good evening, all my buddies. I hope you're doing well. I'm having a terrific day. Friends, Bitcoin is currently above $78,000, and everyone is asking if it has struck a bottom. If not, how much farther can it fall? In this article, we will look at a variety of charts. Let us get started without wasting any time. Bitcoin is now trading in the CME futures gap, which emerged in November and ranges between $77,000 to $80,000.
Additionally, there is a positive difference between $92,700 and $93,500. Remember that Bitcoin is dropping quickly, therefore we could be near the bottom. When considering the weekly timescale, Bitcoin has dropped 17%, marking the first time in recent years that we have witnessed such a reduction in a single week. Bitcoin has dropped 22% on a monthly basis, which is the biggest drop in the last two years.
A crucial support level, the 50% retracement level, is located at $79,300 if we measure Bitcoin's previous high and low. Bitcoin is trading slightly over this level right now. As observed in prior market bottoms, Bitcoin's RSI is around 21 on the daily period, indicating that it is approaching its bottom. In terms of the downside, Bitcoin may drop by an additional 7-8%. It must, however, remain above the 50% retracement line in order to be a verified bottom.
Bitcoin should hold onto support at the $79,300 mark to validate the reversal if it falls below $73,000 or $74,000. Trump placed tariffs on China, Canada, and Mexico, which had an impact on international markets and led to the latest market fall. It was recently stated, nonetheless, that the United States will not be imposing duties on the United Kingdom at this time. The market sell-off was brought on by investor fear. To sum up, Bitcoin is really near its bottom, yet it might drop another 7-8%. That concludes today. Thank you, and enjoy your day!